A Pre-Divorce Checklist
Divorce is devastating—both emotionally and financially—for the unprepared.
Getting some financial help early in the divorce process can make the ordeal easier on you and your loved ones. Collecting information and thinking through some of the issues before meeting with your attorney can help you through this life transition as smoothly as possible.
Pre-divorce financial planning can help lower legal costs and increase the likelihood that you and your former spouse can reach a workable settlement.
Issues to be considered, discussed and eventually decided
Divorcing spouses often focus on the division of property as the key issue in a divorce settlement, but there are many other issues that must be decided as well.
- Cash Flow Analysis
- Spousal maintenance. How much and for how long?
- Child Custody
- Child support. Who pays? What amount?
- College savings. Who contributes and in what amounts?
- College Expense. Who is responsible and how much?
- Who will claim the children on their tax return? Who is responsible for tax liability while married but going through divorce?
- Who will live in the family home? Do we sell family home? Who is responsible for the maintenance and mortgage?
- How will assets be divided? Who gets what?
- How will debts be divided? Who pays what?
- Retirement accounts. How will retirement assets be divided?
- How will business interests be divided?
- What kinds and amounts of insurance will protect the interests of the parties, and who pays for it.
Some other less common and unobvious items to consider:
- Investment Property & Rentals: How will any other real estate property be divided?
- Airline Miles and/or Credit Card Points
- Employee Stock Options/Bonuses
- Pets
- Furniture and other household items
- Holidays/Summer Vacations
- Name Change
